Why BitCoin Cash?
Positioned among the topmost ‘elite class’ of cryptocurrencies, Bitcoin Cash is one of Bitcoin’s ‘offspring’ but surrounded by many issues. Bitcoin Cash price now and beyond should spark interest from different quarters, should they invest or not? Do we see any positives in this digital asset? All this and more we’ll take a critical look at in this article.
Bitcoin Cash (BCH) is an asset that was derived from a Bitcoin fork. The virtual currency was birth in 2017; the year Bitcoin had its remarkable bull run. The storyline towards the creation of BCH is something that should give users of Bitcoin some cheerful moments.
The talk on Bitcoin Cash price is always one that brings many people together to examine the trends and happenings within its fold. In 2018, the cryptocurrency was eventually split into two: Bitcoin Cash and Bitcoin SV.
A good reason accounts for the need to split Bitcoin to create Bitcoin Cash. Rising fees on the Bitcoin network have contributed to a push by some stakeholders in the Bitcoin community to create a hard fork to increase its block size.
The argument is that this will add scalability and speed that is lacking in Bitcoin. But has this been as successful and efficient as the developers intended for it to be?
Is This the Coin of the Future?
From the very start, BCH has had its troubles, and sadly, it doesn’t seem to appear we are going to see things turning out in good light very soon. This usurper to the throne of Bitcoin still retains a place in the market though, but when it first emerged, it does not command the respect it is currently having in the marketplace save for the fact that it came out of Bitcoin.
We tend to like the reasons the coin was created for, but it doesn’t seem to hold the weight it once did. To be honest, at this point in 2019, we do not understand Bitcoin Cash’s claim to significance; should it? Let’s look at why more closely.
First of all, it emerged from the very center of the Bitcoin community out of a dispute. At the time, Bitcoin was going through some performance issues. Transactions were taking days to complete as the network was struggling to handle the volume of trade.
The transaction charges were getting the more expensive and a lot of other issues to resolve for better efficiency. Shouldn’t something be done? BCH was like the expected messiah to get things back into place but did it?
Many different communities were either for or against the development. For some, the solution was bigger blocks; they could carry more transactions that would accelerate things and reduce cost.
This would be a breach of the fundamental importance of Bitcoin for others, and Bitcoin would be better off relying on the creation of secondary alternatives, such as Segregated Witness and The Lightning Network.
You might say that the second group won the argument, but that’s just because the first group split off as Bitcoin Cash from Bitcoin. The division was formalized on August 1, 2017, when it forked off from Bitcoin, a new Bitcoin core software implementation with larger blocks and a few other technological improvements.
At the time, it would have been recommended that any trading expert should buy BCH because the coin appears to be a better solution than Bitcoin at its release.
We could put up with some analysts to say so. At the start, BCH was quick and cheap. Of course, this may have been because it was used by so few people, but it was also due to the increased capacity of Bitcoin Cash to handle the traffic.
It even seemed as if BCH would steal the hash power of Bitcoin for a moment, sending Bitcoin into its grave. This almost happened in late 2017, but finally, Bitcoin recovered and BCH solidified as one of the major second-tier virtual currencies along with Litecoin and others.
Bitcoin got better, meaning that Bitcoin Cash price won’t be challenging as strong as expected. The Lightning Network grew to give the needed cushioning to the network. BTC wasn’t, and in any way isn’t fine, but BCH wasn’t much better than Bitcoin itself.
That’s pretty much where we’re at right now, except for Bitcoin Cash just suffered its big split, where the Craig Wright-led Bitcoin Cash SV broke off from the Roger Ver-led Bitcoin Cash BCH.
Bitcoin Cash SV was the victim of the war, bowing out and today, the interest lost to SV has yet to be reabsorbed by Bitcoin Cash, selling at its lowest point ever. Any recovery for BCH price yet? Let’s examine the live chart.
Bitcoin Cash Live Price Chart
We have a live chart of Bitcoin Cash price on here with other useful market data including market capitalization, daily, trading volume, movements during the week, total volume, highest and lowest prices, and so on.
Bitcoin Cash price is in USD by default, but you can easily switch to EUR for people from the European end, Japanese Yen for the Japanese, the British Pounds for Britons and many other local currencies.
It’s hard to tell what the future is for this relatively new coin. Since the inception of this Altcoin, numerous heavy price fluctuations have occurred in the coin. Here’s a rundown of past price movements and what it’s worth:
- July 2017 – Bitcoin’s hard fork and the speculation began. The estimated rate of Bitcoin Cash price on July 24 was $500.
- Bitcoin Cash forks from Bitcoin in August 2017. The estimated $500 price appears to be a stretch. The actual price was $306.
- In the same August of 2017, the cost temporarily rose to $700.
- The coin hits its record all-time high of $4,000 in Dec. 2017.
- October 2019, BCH was now worth USD 230. The fall in prices can be attributed to the division of Bitcoin Cash into Bitcoin ABC and Bitcoin SC in the previous year.
While attempting to forecast how the rate will rise, investors take two factors into account. The first variable is simple news – talk about protocol updates or reports about Bitcoin Cash price and adoption by interests.
The second factor is the application of technology. Price graphs and trends all show live results of these impacts.
Bitcoin Cash Value
Find the Bitcoin Cash price and its value from the top exchanges and compare to see how things stand. It is traded in pairs of USD/BCH, EUR/BCH, and other fiat currencies.
So we know why the price of the Altcoin is dropping but is there any good reason why it would rise again? Well, we find it a little bit unclear why it should or shouldn’t.
The regular transaction load of Bitcoin Cash is so small that they rarely have to take advantage of their larger blocks. And, of course, their efficiency and speed can’t be questioned.
Bitcoin Cash is still pushing its adoption through a fair amount of markets. Roger Ver’s and others working to make sure it is the global alternative of digital currencies. We just don’t see that happening, though.
Sure, there might be improvements such as new Bitcoin Cash ATMs installed somewhere, and a retailer might be accepted if for payment for the first time, but we’re inclined to think that the digital currency has one shot to bring down Bitcoin, and it blew it. It’s hard to think of anything of the past resurgence coming in at this time.
Bitcoin Cash Historical Prices
This aspect contains the Bitcoin Cash price history. The United States’ dollar and occasionally, the EUR will be used as the standard in our discussions. Feel free to check out and modify the period to see the views of the price for the time required. There’s time, volume, shifts, and variables that will help you understand the stages in the different prices.
It all started like something really promising. BCH was hyped when, in mid-late 2017, it first hit the markets. The hard fork first sold for about $550, then crashed down to $300. Some enthusiasts have viewed the coin to be a hoax that won’t see the light of the day. This was a bit close to it but was not the case.
Bitcoin Cash made a quick recovery and then reached its all-time high afterward. BCH hit nearly $900 in August 2017 before falling again. It reached $1,400 in a few months, then $4, 000 plus.
In the crypto price crash of early 2018, Bitcoin Cash price began to collapse a little before the other major currencies. Once Bitcoin started its fall some figured it was the moment BCH has been waiting to overthrow it, but it just didn’t materialize.
The Bitcoin Cash price dropped into the $2,000s… $1,000s… and then into the $100’s, until you can now buy one BCH for about $230 today. During this time, we’ve seen slight recoveries, but nothing of it has lasted, and the future doesn’t look on the bright side of things for this asset.
Bitcoin Cash Predictions
So what’s next? Seriously, we seem not to see any light at the end of the tunnel for the once-promising coin that forked out from the great Bitcoin. It is a great improvement on the network and had a great opportunity but…the rest is history.
And while it was partially born out of the desire of powerful crypto-community to have a controlling interest in Bitcoin, it was also born out of a genuine desire to create a more functional and efficient virtual currency that would be useful to people around the world.
On both counts, BCH failed and is no safer for widespread use today than Bitcoin. We regret to say it doesn’t look bright at the other end of the tunnel. So what’s our forecast for the future of Bitcoin Cash?
BCH has experienced a modest recovery in 2019 but just like others, the instability makes it hard for it to continue on the rising end for long. It has surpassed many investors’ expectations for the quarter having peaked at $230 plus. The upcoming year should be the focus.
Bitcoin Cash in 2020
Assuming that the crypto markets rebound, the smart contract assets and other top digital currencies should enjoy more focus. In this type of market environment, the cryptocurrency will simply not be able to bring anything to the table. It may just be on its way out of the top 10.
Expect to see Bitcoin Cash price or rate in this situation to be in the range of $100-$200.Would it then be the time to invest, will the upcoming year be the gamе-changer?
Bitcoin Cash in 2021
This should be a strong one for our loving coin if this comes to pass. The fight for recognition may just be over for this coin by this year. In 2021, no one will be interested in buying or selling Bitcoin Cash.
Then Roger Ver will have to accept things have gone beyond what he can handle and should quietly allow the sleeping dog to lie. At this point, the worth of the cryptocurrency may just be in the bottom units of USD.
Factors Affecting Bitcoin Cash Price
In August 2017, Bitcoin Cash was released. We saw the fast leap in price just the way the digital currency is designed to perform. The price rose twice in one day on November 12, and the virtual currency took second place officially behind Bitcoin.
So what triggered this spike that made people wanting to invest in the coin?
1. Bitcoin’s Poor Performance
Bitcoin had a bad weekend. There were about 10,000 pending transactions in the network due to decreased hashing capacity. Buyers moved to buy Bitcoin Cash as a result. Bitcoin Cash came as a solution to Bitcoin’s speed issues and offered a better alternative than Bitcoin’s SegWit2X. It is currently the only software to provide a scaling solution.
2. Spillover Effect
Because it acts as the reserve currency of the industry, Bitcoin can experience significant inflows from investors who buy into it, a phenomenon that can raise Altcoin prices through the so-called spillover effect.
Investors will naturally go after the likes of Bitcoin Cash. Some market analysts used this effect to explain the recent gains of Bitcoin Cash, arguing that Altcoin benefited from such inflows.
Another aspect that analysts have identified as helping to understand the contrasting issues of price in Bitcoin and Bitcoin Cash is the sharp differences in their overall market valuation.
Due to its lower market price and capitalization, any increases in Bitcoin are magnified relative to Bitcoin Cash. The Altcoin suffers from low liquidity in addition to having a much smaller size. This feature can impact significantly on the coin when a slight movement is experienced.
3. Current Price
It could also benefit from a lower price per unit than Bitcoin, allowing investors to purchase a whole Altcoin unit with far less capital than would be required to purchase one Bitcoin. This affects the price of the digital asset as well, looking at things from the law of demand and supply.
And you got it there. We wouldn’t go as far as some opponents of Bitcoin Cash and say BCH is a fraud sort of. It doesn’t mean Bitcoin Cash’s changes to the Bitcoin Core software weren’t potential solutions for Bitcoin’s continuing poor performance.
In the current time, the reason many will want to let go of their Bitcoin Cash is the uncertainty surrounding the virtual currency’s performance in time to come. No one seems to know the direction the virtual currency is heading and with many questions begging for an answer.
The fear of completely losing their hard-earned money will drive selling to be on the high and subsequently bringing down the price.
At this point in history, we don’t see what Bitcoin Cash provides, a future is far from being on the positive note and we have to believe that as time goes by, the network will just grind to a halt.
Investors looking to find out about Bitcoin Cash price may almost be a thing of the past for them as the worth will no longer be anything attractive. We would recommend that our readers look for better potential returns on investment in other projects.
Of course, we’re going to keep hearing about the Bitcoin Cash price, so join us on the journey!
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